Resonetics announced today that it has signed an agreement to acquire Memry Corp. and SAES Smart Materials from SAES Getters S.p.A, Milan, Italy.
The planned acquisition will expand Nashua, New Hampshire–based Resonetics’ nitinol raw material and component manufacturing capabilities.
The companies expect the $900 million deal to close this year. The transaction is subject to the receipt of regulatory clearances and approvals. In addition, there are other closing conditions, including the approval of the SAES Getters S.p.A. board of directors.
Both of the businesses that Resonetics is acquiring are U.S. based. They have 550 employees and operations in Bethel, Connecticut; New Hartford, New York; and Menlo Park, California.
The deal enables Resonetics to better serve a wide range of medtech
Nitinol is enabling technological advances in a range of therapeutic areas, such as structural heart, peripheral vascular, electrophysiology, neurovascular, and orthopedics. SAES Medical Nitinol is a leading supplier, Resonetics CEO Tom Burns said in a news release.
Resonetics has nitinol centers of excellence in San Diego and Or Akiva, Israel. The centers focus on laser cutting, braiding, shape setting, and electropolishing. In addition, Resonetics provides centerless grinding of nitinol wire in Blaine, Minnesota and Alajuela, Costa Rica.
The Memry business will add extensive electric discharge machining (EDM) capabilities. Memry will also provide Resonetics with additional laser processing, centerless grinding, nitinol tubing, sheet, and wire fabrication. The SAES Smart Materials business creates the nitinol raw material from nickel and titanium raw material and converts it into various form factors.
“Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants,” Burns said.
Global investment firm Carlyle and private equity firm GTCR are Resonetics backers.
Robert Schmidt, a managing director specializing in healthcare at Carlyle, said: “We believe Resonetics and the SAES Medical Nitinol business are highly complementary to each other, and this combination, in our view, will result in an even stronger service offering to large medical technology companies across the world.”